Every woman knows that having the money to pay for the things you want is one of the best feelings in the world. It may even rank higher than finding those designer shoes you want for 70 percent off.
If you’re looking for ways to get your finances on track or simply save more cash now, Tiffany “The Budgetnista” Aliche has got you covered. As author of The One Week Budget, The Live Richer Challenge and visionary behind the Live Richer Challenge Movement, Aliche has helped thousands of women take control of financial futures. Here are her top tips for helping women–especially moms–to start saving cash now.
Tip 1: Don’t feel Ashamed
When I ask women what was the number one lesson that you learned (from my book and course); nobody says anything about money. The answers they share are “don’t give up,” “you’re not alone,” and “you can do it.” The problems I really help people solve are really learning how to ask for help and getting over any shame.
Lesson: Don’t let your fear keep you from getting started on your financial goals. Everyone has to start from the beginning.
Tip 2: Visualize Your Goals
If you write down your goals or create some kind of physical representation you increase the chance of attaining those goals by about seventy percent. I have the women in my program do a vision board of what exactly do they want out of life and then how can we use money as a tool to get there. If I gave you a plane ticket to fly anywhere in the world, and you’re like “I don’t know where I want to go,” then the plane ticket doesn’t matter. Creating a vision for yourself and being clear about your goals is essential for success.
Lesson: Physically writing down your goals or creating a vision board drastically increases your chances of achieving them.
Tip 3: Create Money Buckets
A money bucket is just an online only savings account that allows you to easily save and measure your money, like rain in a bucket. The beauty of having an online only savings account is you can create as many categories or buckets as you want or need. I have one for my travel, one for my house and one for a car. You could have one for birthdays, vacations and if you are a mommy, you might have one labeled sports for your kids’ activities. You can open as many savings accounts as you would like and then name them so that you would know exactly what the money is earmarked for.
Lesson: Being specific about what you’re saving money for makes it easier to track your savings.
Tip 4: Remove Temptation
Another great thing about having an online only bank is that it helps if you get tempted to spend the money. Let’s just say, if you are at Target and you see something cute that might make you want to dip into your money bucket. Unless you are willing to sleep at Target for two to five business days, you can’t make an impulse purchase. Because it takes two to five business days to transfer money from your online only savings account back to your regular checking you don’t impulse buy. Since there are no physical banks it forces use your money only for the goals you were saving for.
Lesson: Eliminating the chance for making impulse purchases will allow you to ensure you only dip into your savings went absolutely necessary.
Tip 5: Don’t Leave Money on the Table
There is a great website, Magnifymoney.com that actually rates banks for savings and other financial products. What I love about them is, they do not take money (from banks to be rated). So Magnify Money will rate a bank A, B, C, D, and F, based upon what they really believe about the bank. So you can search for a bank that will give you the highest interest rate on your savings with no surprises.
Lesson: You’re bank shouldn’t be the only ones profiting from your money. Choose a bank with the best interest rate, so your savings grows even faster.
Tip 6: Be A Savings Ambassador
When it comes to the Live Richer Challenge, I encourage women to share (what they learn). My goal is to help the women who work with me know that they are an ambassador. You’re not just learning for yourself; you are learning for your sisters, your nieces, your nephews and your children. That it is your job to teach them what I have taught you.
Lesson: You should help prepare those around you for financial success by sharing what you’ve learned about saving and budgeting.
Tip 7: Seek Out Help
One of my goals is to always be a resource for women to get free help should they need it. To get started, I would encourage women to go to livericherchallenge.com, and sign up. Then the next thirty-six days, you’ll get one free easy financial task in your inbox. And at the end of thirty-six days, you’ll have a new money mindset, a new budget, a new savings plan, a credit plan, a debt plan, beginning insurance plan and an investment plan all for free. And even better, you will be invited to join my private forum, where there are 12,000 women, just like you who are helping each other towards their financial goals. With all of that available there is no excuse not to get on financial track right now.
Lesson: The best day to start saving was yesterday. The next best day to start saving is today. Don’t wait any longer.